G’Day USA highlights Australia’s financial services capabilities

02 Feb 2011

The resilience and strength of Australia’s financial services sector - and its proximity to fast growing Asia Pacific markets - have been showcased as part of the G’Day USA 2011 program.

The Austrade-managed program, held over 27-28 January, went to Boston for the first time in 2011 and commenced with a Funds Management Seminar followed by a Financial Services Technology Forum, which was also held in New York. 

Australia’s Ambassador to the US, the Hon. Kim Beazley, was a keynote speaker at events held in Boston and New York.

The New York program included the annual Financial Services Forum, which attracted over 300 financial sector representatives, including from commercial and investment banking, private equity, hedge funds, broking, as well as the financial press.

The theme of the forum - Australia’s growth and the role of Asia – attracted questions on the proposed ASX-SGX merger; the Government’s role in making Australia into a financial services hub; the future of Asia’s growth; and what role Australia plays in the region for foreign investors.  

Austrade’s New York-based Senior Trade Commissioner, Gerard Seeber, said the G’Day USA 2011 events highlighted the opportunities offered by Australia’s financial services sector.

“Australia has become a major player in the Asia-Pacific markets, and is uniquely positioned to participate in the long term growth potential of the region,” Mr Seeber said.

“The financial sector continues to grow more rapidly than most other sectors of the economy, producing more than 10 per cent of Australia’s annual GDP.

“The sector also remains in robust good health, underpinned by a world’s best practice regulatory system and is a major driver of the economy.

“The Australian economy and financial system emerged from the global crisis sooner than many of its peers with GDP growth of 1.3 per cent in 2009. Growth in 2010 is forecast to be 3.0 per cent and 3.5 per cent in 2011, according to the IMF.

“Australia also has the fourth largest pool of contestable funds under management globally and the largest in the region, with A$1.7 trillion in funds under management.

“This is a five-fold increase since 1995 with a compound annual growth rate of 12 per cent and supported by our superannuation system.”

Both events included a panel involving representatives from Australia and the US funds management sector.

The Financial Services Technology Forums featured presentations from three global financial services leaders on technology solutions for the financial services industry.

This included Command Hub CEO, Richard Cousins, discussing Sensitive Data Handling and Security; Michael Karbouris SMARTS Group Americas, Managing Director on Market Surveillance Analytics; while Phil Davies, Milestone Group’s Chief Technology Officer and Global Head of Products, profiled the role of technology in Funds Management Operations. 

Austrade has a network devoted to the US market. It provides extensive support for Australian exporters and assists US companies to invest into Australia.

G’Day USA 2011 represents the first time that Australia’s new international brand identity ‘Australia Unlimited’ has been promoted in the USA.

G’Day USA - Australia Week 2011 is a collaboration between the Australian Government (Department of Foreign Affairs and Trade, the Australian Trade Commission and Tourism Australia), Qantas Airways and five Australian State governments (New South Wales, Queensland, South Australia, Tasmania and Victoria), with strong support from business, universities and the arts community.

For more information on G’Day USA, visit www.australia-week.com